Dapo Ogunwusi Esq wrote:
THE SUPREME COURT RULING ON NAIRA
The apex court was reported to have granted an interim order to suspend the ban on currency swap following an interlocutory application by three APC states. The order automatically lapses when the court sits over the substantive suit on Feb 15.
IMPLICATIONS
The CBN had fixed Feb 17 as the date for ending the cash swap while the naira would cease to be used for transactions on the 10th of February. Nothing in the ruling as reported tampers with the CBN decisions. For real effect, the court has to take another application this time on motion when hearing resumes, to further extend the previous order. The CBN may play block and tackle by replying late to the application and making it difficult for the motion to be taken. Beyond that day the entire case itself may be confronted with inevitable fatality as the CBN deadline they are trying to avoid would have become a fair accompli.
CONCLUSION
There is nothing to rejoice about in the order under review. APC should have talked to their lawyers before the back slapping.
